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Philip Wallach joins the Law & Liberty Podcast to discuss his new book Why Congress and more.
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VON MISES ON CENTRAL BANKING
oll.libertyfund.org/publications/liberty-matters/2014-01-07-lawrence-white-ludwig-von-mises-s-the-theory-of-money-and-credit-at-101-january-2014?mc_cid=03d9857441&mc_eid=d05014a5fa Politics Without Winners: Can Either Party Build a Majority Coalition?Key Points
Nullification and Ultimate Authority
One need not endorse nullification to recognize a serious problem with relying only on the federal government to protect the reserved authority of states. READ MORE ›
How Congress Lost, Part IV: Washington, Foreign Policy, and the Emergence of Presidential Governance
In a new essay for National Affairs, Howard Husock explores the causes and consequences of this educational failure.
Sounding the Alarm: Examining the Need for a Fiscal Commission
Rob Portman | House Committee on the Budget Former Sen. Rob Portman (R-OH) testified before the House Committee on the Budget on the need for a fiscal commission to tackle the federal debt crisis.
The Urgent 21st-Century Upgrades Congress Needs to Do Its Job
Kevin R. Kosar | Hill Voters would be wise to tell Congress to rebuild itself for the 21st century and get on with the public’s business. Full Story
Jay Cost introduces the factors behind this legislative degeneration in the first of a multi-report series.
Why Rising Powers Resist Alliances,
An in-depth exploration of the article, "China and the Alliance Allergy of Rising Powers,"
Put the People Back in the People’s House
Kevin R. Kosar and John Maxwell Hamilton | RealClearPolitics Policy debates in Washington need to be re-centered. This can be achieved by congressional committees, which have jurisdiction over policymaking, bringing average voters into their deliberations. Full Story
Kevin Corinth and Jeff Larrimore investigate Americans’ income growth across five generations, from the Lost Generation to Generation Z. Using a posttax, post-transfer income measure derived from the Current Population Survey, the authors find that each of the past four generations have been better off than the previous, with millennials ages 36–40 having 18 percent higher median household income than their parents did. While Corinth and Larrimore’s analysis suggests that intergenerational income growth has slowed, this is largely a product of stalled growth in working hours. As a result, this research demonstrates that intergenerational real market income growth remains robust.
The Fed’s Quantitative Easing Gamble Costs Taxpayers Billions With the Federal Reserve System likely to post its first annual operating loss since 1915, Paul H. Kupiec and Alex J. Pollock explain why it happened and how it will cost taxpayers for years to come. According to Kupiec and Pollock, the Fed’s quantitative easing investments “created a massive Fed interest rate risk exposure that could generate mind-boggling losses if interest rates rose—as they now have.” Budgetary Long Game The debt-ceiling fight won’t bring entitlement reform, but Republican plans to curtail long-term federal spending will grow increasingly attractive over time. Medicare Is Central to Fixing Health Care and the Federal Budget
James C. Capretta | Hill If the program changed to encourage cost reduction through competition and consumer choice, the entire system would benefit from a renewed focus on efficiency in the provision of service to patients. Full Story  The US Debt—Causes and Consequences featuring John B. Taylor The federal government is borrowing at unprecedented rates. Spending regularly exceeds revenue, and this shortfall is predicted to grow dramatically in the near future. The result is a large and growing federal debt that threatens future Americans’ prosperity and security. What are the consequences of this higher federal debt and what can we do about it? THEODORE DALRYMPLE The Degeneration of Public Administration Today’s bureaucrats speak and think in a language of social-managerial gibberish. Wasteful Local Stimulus Funding Could Mark The End Of Competitive Federalism by Paul E. Peterson, Carlos Lastra-Anadon via The Hill A fiscal flood of biblical proportions — $1.3 trillion — is descending upon state and local governments via four pieces of congressional legislation enacted in the name of COVID relief. No less than $738 billion is scheduled to be spent in the current fiscal year. The Biden administration and congressional progressives are promising trillions more. The vast transfer of funds to lower tiers of government threatens the U. S. federal system as we know it. How To End TheseThreats of Default Editorial of The New York Sun | October 1, 2021 https://www.nysun.com/editorials/how-to-end-thesethreat-of-default/91676/ ARPIT GUPTA Keeping New Yorkers in the City With more remote workers opting for suburban life, city policymakers take steps to retain residents. What is America’s role in the world?
Jonathan Schanzer — Washington Examiner OBITUARY: The U.S.-Led World Order died in Afghanistan on Aug. 30, 2021, three days shy of its 76th birthday. Cause of death was internal bleeding from self-inflicted wounds. The Order was born Sept. 2, 1945, on the USS Missouri. Early on, it protected the world from socialism and communism. Later, it defended millions of people from terrorism. Though it was maligned in recent years, the U.S.-Led World Order was a devoted champion of democracy around the globe. Its enduring legacy is the spread of unprecedented technological, medical, and economic advances worldwide. Read more  JOHN STEELE GORDON A National Disgrace The federal budget process threatens America’s future. The annual celebration of the executive branch has become a more tragic story as the first branch of our government, the legislative branch, has increasingly taken the lead in its own diminution, so that it might be relieved of the burden of taking the lead in anything else, writes Yuval Levin. READ MORE The Congressional Roots of Our Polarization by james r. rogers Over 20 years before Gingrich, Democrats implemented reforms intended to shift the House of Representatives in a decidedly liberal direction. READ MORE › Congress Overwhelmed: The Decline in Congressional Capacity and Prospects for Reform
Congress today is falling short. Fewer bills, worse oversight, and more dysfunction. But why? In a new volume of essays, the contributors investigate an underappreciated reason Congress is struggling: It doesn’t have the internal capacity to do what our constitutional system requires of it. Leading scholars chronicle the institutional decline of Congress and the decades-long neglect of its own internal investments in the knowledge and expertise necessary to perform as a first-rate legislature. Today’s legislators and congressional committees have fewer — and less expert and experienced — staff than the executive branch or K Street. This leaves them at the mercy of lobbyists and the administrative bureaucracy. READ MORE Our overwhelmed Congress Do we need Congress? House must take the first step to modernize how Congress works  Special Edition: National Security Costs and Benefits Clifford D. May, Bradley Bowman and Rep. Jim Banks — FDD's Foreign Podicy The threats facing the United States and its allies are not static. They grow. They transform. America’s defense strategies and defense budgets need to respond with creativity and muscularity. In November, the U.S. Congress employed a legislative tool known as a Continuing Resolution (CR) to provide temporary funding for the U.S. Military. Now, in December, there is another funding deadline looming. But this kind of uncertainty puts America’s national security and our military personnel at heightened and unnecessary risk. Listen Here Budgeting Through Rose-Colored Glasses Brian Chen, City Journal Even before Covid-19 blew a hole in their budgets, many states and cities were only one modest downturn away from fiscal calamity. With unfunded pension liabilities looming, a decline in revenue was bound to push states and municipalities over the edge at some point. The only question was when; the pandemic gave us the answer.Yet, while seemingly invincible places like New York City are now on life support, once-moribund areas are getting a second wind. Read more here.... China Has a Few Things to Teach the U.S. Economy
– Noah Smith, Bloomberg  Any new nondelegation doctrine must be based on clear, judicially administrable principles rooted in the Constitution itself, writes Adam White. READ MORE The conservative majority on the Roberts Court is likely to restore nondelegation doctrine Peter J. Wallison | AEIdeas The Myth of “Coequal” Branches of the Federal Government
By Richard J. Bishirjian on Oct 22, 2019 10:00 pm The popular myth, retold almost daily by members of Congress, that the Constitution established three separate, but equal branches, of government has no basis in fact. The true intent of the Framers was for the Congress to be supreme because it is the nature of representative government that the most representative branch should be most ... Read in browser » Structural, Not Cyclical, Budget Reform by John B. Taylor via Economics One Today I published a column in Project Syndicate on fiscal policy. I am positive about pro-growth effects of the tax reform in the 2017 tax act and of the greater use of cost-benefit analysis in the recent regulatory reform effort. And the recent trade deals—the USMCA and “  In search of responsible republican government, part 2: The parties as a solution Jay Cost | September 2019
In search of responsible republican government, part 1: The institutional problem Jay Cost | AEI | August 6, 2019 Restoring Congress: The parties are a solution
Jay Cost | NationalReview.com | June 17, 2019 GETTING REPUBLICAN GOVMINT WORKING. . . AGAIN, WHY THE PARTIES ARE BROKEN & NEW RATIOS FROM THE CBO8/10/2019  Why Budget Negotiations Succeed—and Why They Fail 10 Blocks podcast In search of responsible republican government, part 1 Jay Cost | American Enterprise Institute This report examines the origins and developments of dual issues — the decline of the legislature and the rise of the presidency. Updates To The Budget Calculator via Budget Matters, America Off Balance We are happy to announce we have updated the America Off Balance Budget Calculator to reflect the Congressional Budget Office’s (CBO) recent update to their 10-year budget and economic projections. Party Instability: Why American Politics Feels Broken
by David Brady via PolicyEd American politics feels broken because existing voting blocs are regrouping and reconsidering which issues motivate them and which political party they support. Ongoing economic and demographic structural changes have led to control of the legislative and executive branches shifting back and forth. While this is not the first time in the history this has occurred, political parties will need to figure out a winning combination of policies that can consistently win them elections in order to stabilize American politics.  The Judiciary Can Restore the Power of Congress by Peter J. Wallison Just as the courts played a role in weakening Congress over time, they can help force lawmakers to take up their constitutionally assigned tasks. Read More » Energy in the Legislature by Philip A. Wallach Jeff Bergner has written an engaging memoir seasoned with the author’s considered judgments about what is wrong with the U.S. Senate. Read More » Party Instability: Why American Politics Feels Broken
by David Brady via PolicyEd American politics feels broken because existing voting blocs are regrouping and reconsidering which issues motivate them and which political party they support. Ongoing economic and demographic structural changes have led to control of the legislative and executive branches shifting back and forth. While this is not the first time in the history this has occurred, political parties will need to figure out a winning combination of policies that can consistently win them elections in order to stabilize American politics.   New budget, same story
James C. Capretta | RealClearPolicy The primary value of most presidential budgets is political, and this one is no different.  New House budget rules take three steps forward but one big step back Alan D. Viard | The Hill The House recently voted to adopt the new Democratic leadership’s proposed rules for the 116th Congress. Two of the rule changes may slightly improve the long-run budget outlook, and another may help avert debt-limit showdowns. But one change takes a clear step backward. The congressional budget process: A brief primer
James C. Capretta | AEI Economic Perspectives The modern budget process has been amended in several important ways since its establishment in 1974, including the introduction of caps for appropriated spending and a pay-as-you-go rule for taxes and entitlements, both of which are enforced with automatic cuts in spending if they are violated. James Capretta argues that the current process was written for a time when appropriations spending was dominant; it does not work as well with so much of the federal budget devoted to spending that occurs automatically on entitlement programs. Further, the current process does not facilitate executive-legislative agreement on budgetary aggregates, which is an important reason for instability and uncertainty in federal finances. |
ECONOMIC AGENDA FOR NEXT PRESIDENT
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